The global near field communication (NFC) market is expected to reach
USD 47.43 billion by 2024.

The industry is poised for an unprecedented growth over the forecast
period owing to the increasing penetration of smartphones in the
developing economy. Increasing adoption of mobile payment services has
led to the intensive utilization of POS with the launch of e-wallet and
Apple Watch. Banking entities, payment gateways, and payment processors
are expected to expand the capabilities for accommodating the new
enhanced technology. The emergence of the mobile wallet services has
allowed users to pay for services through mobile devices or through
cashless payment modes, which have further enhanced near field
communication market growth.

The increasing demand for the NFC-based payment solutions has led the
manufacturers to develop an enhanced version of the digital payment
platform, further developing the market growth. Growing penetration of
wearable technology devices as a significant component of Internet of
Things with lowered costs have immensely contributed to the industry
growth.

The emergence of mobile wallets, such as Android Pay, Apple Pay, and
Samsung Pay, are also expected to further drive the substantial mobile
payments growth, owing to their capability of paying through mobile
phones instead of cards or any other cashless payment modes. The
increasing number of vendors is expected to increase the concentration
and propel the development of near field communication infrastructure,
thus accelerating the market growth. The increasing need for lowering
the cost of ownership and the increased convenience need will continue
to dictate the market development.